Credit Capital Investments LLC Sells 8,000 Shares of Bank of America Corporation $BAC

Credit Capital Investments LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 40.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,000 shares of the financial services provider’s stock after selling 8,000 shares during the period. Bank of America comprises about 0.8% of Credit Capital Investments LLC’s investment portfolio, making the stock its 18th biggest holding. Credit Capital Investments LLC’s holdings in Bank of America were worth $568,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BAC. Boston Common Asset Management LLC lifted its position in shares of Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC bought a new position in Bank of America in the second quarter worth about $217,000. Nicholas Hoffman & Company LLC. lifted its holdings in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC boosted its position in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on BAC shares. Barclays raised their target price on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Citigroup increased their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Phillip Securities lifted their price target on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Trading Up 0.7%

Shares of NYSE:BAC opened at $54.03 on Thursday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company has a market cap of $394.57 billion, a P/E ratio of 14.72, a PEG ratio of 1.99 and a beta of 1.34. The stock’s fifty day moving average price is $51.52 and its 200-day moving average price is $47.87.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America announced that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.